The fiscal surplus of the General Government of Cyprus amounted to pound 315.1 million, representing 1.1% of GDP, according to preliminary financial results released on Friday by the Statistical Service for the period January-May 2023. The surplus has increased by pound 173.5 million compared to the same period last year when a surplus of pound 141.6 million, equivalent to 0.5% of GDP, was recorded. Revenue up by 14.1% ---------------------- The revenue of the General Government for the period January-May 2023 increased by 14.1%, reaching a total amount of pound 4.6 billion. This increase is mainly attributed to the rise in production and import taxes, as well as income and wealth taxation. Specifically, taxes on production and imports increased by pound 210.9 mn (+13.8%) and amounted to pound 1,741.6 mn, compared to pound 1,530.7 mn in 2022, of which net VAT revenue increased by pound 153.8 mn (+14.9%) and amounted to pound 1,187.9 mn, compared to pound 1,034.1 mn in 2022. Revenue from taxes on income and wealth increased by pound 180.3 mn (+20.5%) and amounted to pound 1,059.4 mn, compared to pound 879.1 mn in 2022. Social contributions increased by pound 182.4 mn (+14.8%) and amounted to pound 1,412.4 mn, compared to pound 1,230.0 mn in 2022. Property income increased by pound 2.0 mn (+4.8%) and amounted to pound 43.7 mn, compared to pound 41.7 mn in 2022. Current transfers increased by pound 25.2 mn (+29.0%) and amounted to pound 112.2 mn, compared to pound 87.0 mn in 2022. However, capital transfers decreased by pound 22.8 mn (-59.2%) to pound 15.7 mn, from pound 38.5 mn in 2022. Revenue from the sale of goods and services decreased by pound 4.0 mn (-1.5%) to pound 260.5 mn, from pound 264.5 mn in 2022. Expenditure up by 10.2% -------------------------------- The total expenses for the period January-May 2023 increased by 10.2%, reaching pound 4,3 billion. This increase is mainly due to the rise in social benefits and personnel remuneration. Specifically, social benefits increased by pound 139.7 mn (+8.7%) and amounted to pound 1,753.7 mn, compared to pound 1,614.0 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 127.2 mn (+10.5%) and amounted to pound 1,333.6 mn, compared to pound 1,206.4mn in 2022. Intermediate consumption increased by pound 4.3mn (+1.0%) and amounted to pound 425.4 mn, compared to pound 421.1 mn in 2022. Subsidies increased by pound 30.6 mn (+96.5%) and amounted to pound 62.3 mn, compared to pound 31.7 mn in 2022. Interest payable increased by pound 9.6 mn (+5.5%) and amounted to pound 185.1 mn, compared to pound 175.5 mn in 2022. The capital account increased by pound 95.4 mn (+45.8%) and amounted to pound 303.5 mn, compared to pound 208.1 mn in 2022. In detail, gross capital formation increased by pound 75.6 mn (+51.0%) and amounted to pound 223.8 mn, compared to pound 148.2 mn in 2022 and other capital expenditure increased by pound 19.8 mn (+33.1%) and amounted to pound 79.7 mn, compared to pound 59.9 mn in 2022. On the contrary, current transfers decreased by pound 6.3 mn (-2.3%) to pound 266.8 mn, from pound 273.1 mn in 2022
Source: Cyprus News Agency